broadenSearch

OECD: Additional steps under tax transparency standards

The Organisation for Economic Cooperation and Development (OECD) today delivered a report to the finance ministers of the G20
countries advocating that all jurisdictions need to implement tax transparency standards, and proposing that the G20 take additional
steps to urge that all countries and jurisdictions immediately endorse and implement the global tax transparency standards.

Related content

As noted in today’s OECD release, the OECD Secretary-General’s report identified full implementation of the existing standard on the exchange of information on request in time for the 2017 summit meeting of the G20 leaders as a top priority.

The OECD found that:

Eight (8) jurisdictions still do not have sufficient legal and regulatory frameworks in place, and, as a result, are blocked in Phase 1 of the peer review process.

Six (6) jurisdictions are only now being examined in Phase 2 of the review process (assessment of actual effectiveness of information exchange on request)

Twelve (12) jurisdictions are rated as only being “partially compliant” at the conclusion of the Phase 2 reviews.

Currently, some 98 jurisdictions have already committed to the common reporting standard (CRS) the automatic exchange of information (AEOI) adopted by the G20 in 2014 and set to enter into force over the 2017-18 period.

Today’s OECD report:

Urges the G20 to demand that all jurisdictions commit to AEOI and honor existing commitments to implement AEOI by the agreed timelines

Suggests that G20 members further consider the development of defensive measures against non-compliant jurisdictions

States further progress is needed on the implementation of beneficial ownership identification rules

Supports an inter-government effort to fight tax crime and illicit financial flows and for new recommendations to strengthen effectiveness of inter-agency and cross-border co-operation

The OECD also stated that it would be ready to assist other initiatives such as the proposal released today by the finance ministers of the G5 (France, Germany, Italy, Spain, and the United Kingdom) to develop a standard of automatic exchange of beneficial ownership information.

The KPMG logo and name are trademarks of KPMG International.
KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.
The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.